VBS curator reduces costs of the bank and cuts staff

VBS Mutual Bank curator Anoosh Rooplal says he has had to reduce all non critical costs in an attempt to align the bank’s cash inflows with its cash outflows. He said in a statement on Thursday that cash expenses had been exceeding cash income earned by the mutual bank. As a result‚ he had closed branches with low traffic‚ including the Thavhani‚ Johannesburg‚ Durban and the Sibasa branches.

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